Debenhams to be wound down putting 12,000 jobs at risk – business live

Private equity groups Texas Pacific, CVC Capital Partners and Merrill Lynch Global – who owned Debenhams together with the management team led by John Lovering and Rob Templeman – retain a 43% stake in the business after the float. They sold 487m shares, nearly 57% of the group, and raised £950m. Some £250m is to be shared among the owners, and the rest will be used to reduce debts.

Some analysts had suggested investors might shun the float, on the grounds that management has squeezed every possible penny out of the business by actions such as selling its freehold property and extending payment dates to suppliers.